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Atlas Arteria Receives Unsolicited Takeover Bid From IFM

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Atlas Arteria (ASX:ALX) has received an unsolicited off-market takeover proposal from IFM to acquire all remaining securities it does not already own at AU$4.75 per share in cash, a roughly 10% premium to the company's last closing price, according to a Monday filing with the Australian bourse.

IFM has indicated that the offer price may increase to AU$5.10 per share if it obtains at least a 45% relevant interest before the offer closes, subject to certain "best and final" conditions, per the filing.

The offer is subject to several conditions, including required third-party consents and approvals, which may or may not be met, the filing said.

The company's board has established an independent board committee to assess the proposal, and shareholders are advised to take no action, the filing added.

The company's securities will be temporarily suspended from trading on the Australian Securities Exchange.

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